SAN FRANCISCO, May 7, 2020 /PRNewswire/ -- The global lawn & gardening consumables market size is anticipated to reach USD 25.94 billion by 2027, expanding at a CAGR of 3.6% over the forecast period, according to a new report by Grand View Research, Inc. Growing preference for landscaping and gardening activities across the residential, commercial, and industrial sectors is expected to drive the market for lawn and gardening consumables.

Key suggestions from the report:

By end user, the residential segment accounted for a share of more than 45% in 2019 and is expected to expand at the highest CAGR over the forecast period

Based on product, fertilizers held a major share of more than 32% in 2019 and is expected to maintain its lead in the next few years

In addition, consumers are increasingly investing in home improvement or home remodeling projects to revamp their traditional household structure. Growth of the home values have doubled the total homeowner equity in the past five years. This has allowed the homeowners to feel richer and more disposed towards spending money on home improvement. This scenario is propelling the preference for accommodating gardening areas in the residential units. According to the American Housing Survey conducted by Harvard's Joint Center for Housing Studies, the home improvement industry was valued at USD 383.3 billion in 2017.

Furthermore, wave of millennials are buying homes, particularly older homes that require more improvements, thus boosting the demand for landscaping products. According to a research conducted by HomeAdvisor, millennials are investing in a greater number of home improvement projects each year as compared to other age groups. Moreover, many consumers are considering the concept of landscaping as an essential part of interior decoration, which, in turn, is driving the demand for lawn and gardening consumables.

North America emerged as the largest regional market in 2019 and is expected to maintain its lead over the forecast period. Growing trend of house occasions is expected to boost the demand for lawn and gardening consumables in the region. Moreover, according to the National Association of Home Builders (NAHB), the number of single-family permits in U.S. has increased by 8.4% in 2018. Thus, rising developments in the residential household category are expected to drive the need for home décor, thereby resulting in the increased demand for lawn and gardening consumables.

Grand View Research has segmented the global lawn & gardening consumables market based on product, end user, and region:

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.